Were you thinking about starting your own business prior to the COVID-19 pandemic?
As businesses shut down to comply with public health regulations, you may have gotten cold feet - after all, the thought of trying to launch a new company during such a tumultuous time may feel too risky.
But now, the recovery period is going smoothly, and people are eager to return to their former routines and make the most of their newfound freedom. This means that businesses have plenty of opportunities to reach new consumers, and this could be a favorable time to open your own company. By working with Business Strategy Coach Talia Zamora, you can obtain ways to boost your profits. In addition, these helpful tips will guide you through everything from properly allocating your startup capital to hiring talented remote workers.
Ideal Market Conditions
Why is the pandemic recovery period such a great time to start a business? Entrepreneurs can enjoy several advantages during this time. For instance, interest rates are low across many industries, which means that you can comfortably take on a reasonable amount of debt without spending too much more on the interest over time.
Furthermore, many businesses closed during the pandemic and sold off their equipment, so you can pick up used equipment for your own company at reasonable rates. Many people also took time to rethink their career paths while they had time away from work, meaning there are lots of talented jobseekers hunting for new positions. And finally, consumers are itching to get out of their homes and enjoy all of the activities that have been off-limits for over a year, so they’re ready to start shopping!
Smart Financing Tips for start-ups
You may have startup capital from a variety of sources. For instance, you might be drawing from your personal savings, funds raised by a crowdfunding campaign, or money that you’ve secured by qualifying for a small business loan. But how can you ensure that every penny goes far?
First, you’ll need to make a budget to determine your necessary startup expenses. Next, consider how much capital you have and which early investments will pay off in the long run. Management Study Guide recommends focusing on acquisition efforts for long-term customers, budget-friendly cloud-based services that are ideal for small teams, low-cost marketing and branding efforts like social media promotion, and hiring contractors and your first employees.
It can be tempting to spring for a large office space or fancy retail space right away, but this may end up being a waste of money, especially if you can handle operating your business remotely. You should also avoid paying for subscriptions to expensive software intended for large teams, new equipment that you may not need until your business grows, and pricey branding services. As you build your business, you might also consider investing in continuous education for yourself to keep growing your skillset.
Financial Health, Talent and Payroll
Before you begin advertising open positions to potential candidates, you will need to set up a payroll system that will allow you to efficiently distribute accurate payments in a timely manner. Rather than trying to handle payroll manually, investing in comprehensive payroll software is a smart idea.
Alternatively, today, more workers than ever are turning to telecommuting, and many companies are welcoming this change. Even if you plan to run a brick-and-mortar business, you can hire some workers, freelancers, or contractors remotely. This can help you save money on office space, time on HR and gives you access to a wider pool of talent.
You can ensure better decisions with financial reporting software. For instance, you may want to look into a platform like QuickBooks, which provides a wide range of functions specifically designed to help entrepreneurs make savvy financial choices. This program also gives you access to a variety of financial reporting features. In addition, you can set up integrations with other applications, such as Google Sheets, which you can use to track countless financial metrics and keep organized records for reporting.
Physical and Digital Products
Yes, lots of customers are ready to shop in person again after staying home for over a year. But you can also reach more customers through e-commerce. Think of how you can do business in a physical brick-and-mortar space and online. You may want to start an online store, come up with digital products to offer, or give your customers options for remote appointments if this suits your line of work.
Basically, you want to connect with potential customers wherever they may be, and right now, that means growing your business online and in-person! You should prioritize great customer service, so make it easy for your customers to contact you through multiple channels, from phone calls to social media messages. You should also work on your brand (your message and target audience) so that customers get a clear picture of what you offer.
If you have been sitting on a great business idea throughout the pandemic, just waiting for the right moment to take action, the time has definitely arrived. This is the moment to take charge of your entrepreneurial journey and build a business that you can be proud of. With these strategies, you’ll be prepared to make the most of this recovery period and become a successful entrepreneur!
Grow your business and achieve success with the help of Business Strategy Coach Talia Zamora Book a free call today!
This blog was written by Personal brander Amy Collett bizwell.org and author of
You, Exemplified: The Role of Personal Branding in Your Professional Life.